10th May 2021
Market Comment – April 2021
As the property market is best described as booming a new property portal is launched called ‘Boomin’ and some of you may have seen advertisements.
The surge in demand is predominantly being driven by the stamp duty holiday and ultra-low interest rates and I noticed in some reports that the property market is experiencing 13 buyers for every home, with agreed sales up 57% compared with 2019 according to The Mail On Sunday and in April, more than 157,000 sales were agreed according to figures compiled by property analysts TwentyCI.
Having looked at the figures across our operation we are certainly up a third on agreed sales and over 40% more prospective purchasers have now registered in recent months, which of course is resulting in a slight shortage of stock and also resulting in multiple offers on some of the same properties, but as I write this, I notice that prospective market appraisals are also significantly up on last year, so there is much more property coming on to our books, which will help the healthy demand.
Turning to the lettings market, there are now over 7 tenants for each property that comes to the market and in April we let a record amount of properties.
There was a healthy mix amongst the different types of properties we let, everything from studios, apartments to 4 bedroom detached houses, with 2 bedroom apartments having the slight edge. New homes remained really solid and enquiries were up 45% on last year and 59% on he previous year and we are about to launch 2 new exciting developments which I shall give you more information on next month.
I look forward to reporting to you next month.